M 
67.00
+0.30%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€3.89bn
FY2016FY2025
Net income
€75.6m
FY2016FY2025
Free cash flow
−€40.1m
FY2016FY2025
Shareholders' equity
€2.10bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.89bn | €4.08bn | €4.16bn | €4.68bn | €3.07bn | €2.53bn | €2.54bn | €2.34bn | €2.34bn | €2.27bn |
| Research and development | — | €12.5m | €5.6m | €7.4m | €4.6m | €2.8m | €3.0m | €3.0m | €3.0m | €3.2m |
| Operating income | €102.5m | €190.0m | €197.6m | €510.3m | €209.1m | €231.4m | €255.3m | €217.1m | €215.0m | €213.7m |
| Net income | €75.6m | €108.2m | €87.2m | €343.9m | €189.2m | €161.2m | €189.7m | €163.7m | €154.6m | €153.3m |
| Diluted earnings per share | 3.90 | 5.41 | 4.36 | 17.19 | 9.46 | 8.01 | 9.49 | 8.14 | 7.71 | 7.73 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €4.56bn | €4.86bn | €5.08bn | €4.82bn | €4.01bn | €2.40bn | €2.42bn | €2.07bn | €2.01bn | €1.98bn |
| Cash and short-term investments | €498.4m | €520.9m | €757.5m | €279.2m | €358.8m | €146.2m | €126.7m | €261.0m | €197.9m | €251.1m |
| Total liabilities | €2.45bn | €2.73bn | €3.06bn | €2.86bn | €2.35bn | €852.5m | €914.3m | €680.9m | €694.8m | €722.7m |
| Debt | €1.41bn | €1.63bn | €2.02bn | €1.76bn | €1.42bn | €268.4m | €345.4m | €211.7m | €212.5m | €260.9m |
| Shareholders' equity | €2.10bn | €2.12bn | €2.01bn | €1.95bn | €1.66bn | €1.54bn | €1.50bn | €1.38bn | €1.32bn | €1.25bn |
| Shares outstanding | 19m | 20m | 20m | 20m | 20m | 20m | 20m | 20m | 20m | 20m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €192.6m | €516.3m | €786.2m | €299.7m | €269.8m | €318.2m | €331.4m | €250.1m | €217.2m | €219.4m |
| Capital spending | −€232.7m | −€220.9m | −€425.3m | −€329.4m | −€248.4m | −€152.8m | −€136.1m | −€130.0m | −€150.8m | −€152.2m |
| Free cash flow | −€40.1m | €295.4m | €360.9m | −€29.6m | €21.4m | €165.4m | €195.3m | €120.1m | €66.5m | €67.2m |
| Dividends paid | −€35.4m | −€30.0m | −€84.0m | −€70.0m | −€64.0m | −€64.0m | −€64.0m | −€62.0m | −€60.0m | −€24.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €924.6m | €924.6m | €905.8m | €949.6m | €987.4m | €1.04bn | €1.01bn | €1.01bn |
| Operating income | €33.4m | €33.4m | −€36.8m | €23.8m | €178.5m | €55.5m | €50.4m | €63.7m |
| Net income | €15.6m | €15.6m | −€89.5m | €1.9m | €142.7m | €20.5m | €57.5m | €57.5m |
| Diluted earnings per share | 0.80 | 0.80 | -4.61 | 0.10 | 7.36 | 1.06 | 2.87 | 2.87 |
| Cash from operations | €72.0m | €72.0m | €250.0m | €73.0m | €24.0m | −€152.0m | €348.0m | −€32.0m |
| Capital spending | −€55.0m | −€55.0m | −€69.0m | −€58.0m | −€49.0m | −€55.0m | −€29.0m | −€45.0m |
| Free cash flow | €17.0m | €17.0m | €181.0m | €15.0m | −€25.0m | −€207.0m | €319.0m | −€77.0m |
| Total assets | €4.45bn | €4.45bn | €4.56bn | €4.47bn | €4.70bn | €4.74bn | €4.86bn | €4.95bn |
| Cash and short-term investments | €416.0m | €416.0m | €498.4m | €330.0m | €516.9m | €265.1m | €520.9m | €519.7m |
| Debt | €156.5m | €156.5m | €1.30bn | €120.7m | €1.50bn | €103.4m | €1.54bn | €211.8m |
| Shareholders' equity | €2.09bn | €2.09bn | €2.10bn | €2.19bn | €2.21bn | €2.13bn | €2.12bn | €2.05bn |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 2.6% | 4.3% | 4.0% | 10.6% | 6.9% | 9.1% | — |
| Net margin | 1.9% | 2.7% | 2.1% | 7.3% | 6.2% | 6.4% | — |
| Return on equity | 3.6% | 5.1% | 4.3% | 17.6% | 11.4% | 10.5% | — |
| Return on assets | 1.7% | 2.2% | 1.7% | 7.1% | 4.7% | 6.7% | — |
| Free cash flow yield | 34.2% | 57.4% | 94.4% | 49.0% | 40.4% | 36.4% | — |
| Revenue growth | -4.8% | -2.0% | -11.1% | 52.5% | 21.4% | -0.6% | — |
| Earnings growth | -30.2% | 24.1% | -74.6% | 81.8% | 17.4% | -15.0% | — |
| Current ratio | 1.58x | 1.72x | 1.75x | 1.99x | 1.99x | 2.20x | — |
| Debt to equity | 0.62x | 0.73x | 0.95x | 0.85x | 0.81x | 0.15x | — |
| Equity ratio | 46.1% | 43.6% | 39.5% | 40.5% | 41.2% | 64.3% | — |
| Interest coverage | 1.92x | 2.12x | 2.86x | 15.25x | 8.53x | 29.24x | — |
| R&D as a share of sales | — | 0.3% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | 3.0% | 0.0% | 0.0% | 0.0% | 0.7% | -0.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.0% | 9.0% | 5.9% |
| Operating income | -41.4% | -15.0% | -6.5% |
| Net income | -39.6% | -14.1% | -6.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 3.7% | 6.0% | 6.4% | 7.5% |
| Net margin | 2.3% | 3.7% | 4.3% | 5.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.9 | 14.7 | 29.0 | 8.8 | 18.7 | 20.6 | 12.6 | 13.5 | 15.9 | 13.1 |
| Price to sales | 0.5 | 0.4 | 0.6 | 0.7 | 1.1 | 1.3 | 0.9 | 0.9 | 1.1 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 29 years. Last went ex-dividend on 6 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.00 | 1.80 | 1.50 | 4.20 | 3.50 | 3.20 | 6.40 | 6.10 |
- 2-for-1 split · 16 Jul 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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